New home closings in the Flint, MI market slid year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 8 a year earlier to 1 after the figure moved from 14 in March 2015 to 1 in March 2016.
A total of 90 new homes were sold during the 12 months that ended in April, down from 97 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 0.2% from 1.2% a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $215,794 last year to $290,000. This followed a 74.1% rise in March year-over-year.
The average mortgage size on new homes was $232,000, up from $190,573. Average mortgage size on new homes went from $119,600 in March 2015 to $175,600 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings represented 38.3% of existing home closings, below 45.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 14.2% in April from 21.2% a year earlier and REO closings moved from 24.5% of existing home closings in April 2015 to 24.1% in April 2016.